There are many decisions to make when it comes to estate planning. Many may think a will is all that is needed. However, there are other documents and protections that may be needed to complete the estate plan of a Michigan resident.
One essential document is a durable power of attorney. This gives someone the power to make financial decisions on the behalf of someone who is unable to do so. Some may assume that they should give this authority to someone who is closest to them personally. However, if that person is not good at handling money, that could be a mistake. There should be a back-up person named, too, just in case the first person would become incapacitated or mentally unable to handle financial decisions.